Why Summit Therapeutics Shares Soared This Week
Shares of Summit Therapeutics (NASDAQ: SMMT) were up 34.3% for the week as of late Friday morning, according to data from S&P Global Market Intelligence. The stock was up as much as 52% at one point this week, closing out last week at $3.67, then soaring to as high as $5.54 on Thursday.
Summit focuses on developing antibiotics and oncology therapies. Its shareholders have been huge winners this year, and the move upward this week is partially because of increasing buys by institutional investors.
For the year, the clinical-stage biopharmaceutical stock is up a whopping 84.7%. That's heady stuff for a company that isn't profitable yet. In the third quarter, the company reported revenue of $220,000 and a net loss of $21.4 million.
Source Fool.com
